OPEC president calls for severe production cuts - Oil surges 10%

[JohnWxy]

http://africa.reuters.com/wire/news/usnSIN361115.html

Oil surged more than 10 percent Thursday, settling at nearly $48 a barrel after the OPEC president called for more "severe" production cuts and the dollar fell to a seven-week low versus the euro.

News that Russia's President Dmitry Medvedev said the country was ready to work with OPEC on possible oil output cuts lent additional support to the market.

[lib2DaBone]

1. Can't SOMEONE invent an electric car that works? We can put a man on the moon...?

[economicgeography]

2. If it was profitable

I'm sure then it would be done/someone's working on it.

[JohnWxy]

3. They are coming, but it will be a while till they become not so expensive.

GM, if the Republicans don't send them to the graveyard, is expecting it's Volt to run about $30,000 - $45,000 ea, initially. THis is cutting edge technology so it won't be cheap until quite a few are sold. Of course, if the Republicans have their way we will be only buying our cars from foreign auto makers and sending the money out of the country.

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=115&topic_id=160775

But n the mean time Francisco Blanch, Commodities Strategist for Merrill Lynch says ethanol is keeping the price of gas down about 15% (by supplying about 5% of our auto fuel supply) that'a because of the Elasticity of Supply/Demand for gasoline.

Also, Ford (if they survive - i.e. if GM survives) is about to introduce a direct injection ethanol enabled engine that gives 25% - 30% better gas mileage while only using 5% ethanol and 95% gasoline. This will help us survive until electrics are more affordable (15 - 20 years).

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=115&topic_id=70889

[Skink]

4. It took the Government to put a man on the moon.

At that it took ten years. I say give Obama atleast ten years.